Is Palatine, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine is a seller's market

Buyer's
Market

Difference Since June 2023

Since last year, Palatine has remained a Seller's Market.

Key Takeaway

Palatine is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Palatine, IL

How much do homes in Palatine, IL cost?

Median Sold Price

$327,028

$210/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$33,087(+11.3%)

Key Takeaway

Homes in Palatine have sold for 11.3% more than they did a year ago.

Summary: The median home sold price in Palatine was $327,028 in June 2024, up 11.3% from last year, and the median price per square foot was $210.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $129.4K$153K
+18.2%
2 $216.7K$250.4K
+15.5%
3 $335K$375K
+11.9%
4 $451K$509K
+12.9%
5+ $595K$608K
+2.2%

Summary: Palatine housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.2%, 2 bedroom homes increased by 15.5%, 3 bedroom homes increased by 11.9%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 2.2%.

Median Sold Price Compared To Nearby Cities

Palatine
+11.3%
Palatine Township
+10.3%
Rolling Meadows
+8.3%
Deer Park
+5.2%
Inverness
+4.6%

Housing Supply in Palatine, IL

How many homes are available in Palatine, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
276300+8.7%

Summary: The Palatine real estate market had 300 homes for sale in June 2024, a 8.7% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 2224
+9.1%
2 96110
+14.6%
3 7679
+3.9%
4 6371
+12.7%
5+ 1916
-15.8%

Summary: The Palatine housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 14.6%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes decreased by 15.8%.

Number of Homes Sold

May 2024Jun 2024CHANGE
9492-2.1%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

58 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine, you could pay more than the asking price. 63% of homes here sold above asking price last month.

Summary: A total of 92 homes were sold or pending in Palatine in June 2024, down by 2.1% month-over-month. Of the 92 sold homes, 26% were sold under asking, 11% were sold at asking, and 63% were sold over asking.

Days on Market for Palatine, IL

How long does it take to sell a home in Palatine, IL?

Average Sale Time

Jun 2023Jun 2024CHANGE
10 Days12 Days+11.1%

Summary: Homes in Palatine had an average of 12 days on market in Jun 2024, up by 11.1% compared to last year.

Breakdown of Home Sale Times

85 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palatine are selling fast, if you're buying plan to act quickly.

Summary: During June 2024, 92 homes were sold in Palatine; 92% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 26 Days Ago

Newest Listings in Palatine, IL

Nearby Markets to Palatine, IL

What housing markets are near Palatine, IL?